cool hit counter Newbie Tips - 40 Common Terms You Need to Know to Get Into the Chain_Intefrankly

Newbie Tips - 40 Common Terms You Need to Know to Get Into the Chain


When you first enter the chain world, many people may be confused by various technical terms, so Use the Chain (ACT) has compiled the 40 most common blockchain terms here for your reference.

1、Blockchain - Blockchain

Blockchain is a new application model of computer technology such as distributed data storage, peer-to-peer transmission, consensus mechanisms, and cryptographic algorithms. is a shared distributed ledger in which transactions are permanently recorded through additional blocks.

2. Block - block

In a crypto asset network, data is permanently recorded in the form of files, which we call blocks. A block is the set of records for some or all of the most recent crypto asset transactions and is not recorded by other previous blocks.

3. Satoshi Nakamoto

The self-proclaimed Japanese-American, often translated as Tetsuhisa Nakamoto in the Japanese media, is the creator of the Bitcoin protocol and its related software Bitcoin-Qt, but his true identity is unknown.

4. Node - node

A copy of the ledger operated by a participant in the blockchain network.

5. Decentralization

Decentralization is a phenomenon or structure that must occur or exist in a system with many nodes or in a swarm with many individuals. Node-to-node effects can form non-linear causal relationships through the network.

6. Consensus mechanisms

The consensus mechanism is the verification and confirmation of a transaction in a very short time through the voting of special nodes; for a transaction, if a number of nodes with unrelated interests can reach consensus, we can assume that the whole network can reach consensus on it as well.

7. PoW - Proof of Workload

Proof of Work, which is how much cryptocurrency you get, depends on the amount of work you contribute to mining, and the better your computer performs, the more mines will be distributed to you.

8. PoS - Proof of Interest

Proof of Stake, a system that distributes interest based on the amount of currency you hold and how long you hold it, is a PoS model in which your "mining" earnings are proportional to the age of your coins and not to the computing performance of your computer.

9. Smart Contracts

A smart contract is a computer protocol designed to disseminate, validate or enforce a contract in an informational manner. Smart contracts allow for trusted transactions without a third party, which are traceable and irreversible.

10. Timestamp

A timestamp is a string or encoded message used to identify the date in time when it was recorded. The international standard is ISO 8601.

11. Turing completeness

Turing completeness is the ability of a machine to perform any other computation that a programmable computer can perform. An example is the Ethereum Virtual Machine (EVM).

12. 51% attack

When a single individual or a group has more than half of the computing power, that individual or group can control the entire crypto asset network, and if they have some malicious attack in mind, they can potentially send out some conflicting transactions to damage the entire network.

13. DApp - decentralized application

is an open source application that runs automatically, stores its data on the blockchain, is motivated by cryptographic tokens, and operates with a protocol that shows proof of value.

14、Distributed Ledger - Distributed Ledger

Data is stored through a network of distributed nodes, and the distributed ledger is not required to have its own currency; it may be licensed and private.

15、Distributed Network - Distributed Network

A network where processing power and data are distributed across nodes rather than having a centralized data center.

16. Prophecy machines

A prophecy machine is a trusted entity that introduces information about the state of the external world through signatures, thus allowing deterministic smart contracts to react to an uncertain external world. Prophecy machines are non-tamperable, stable in service, auditable, and have financial incentives to keep them running.

17、Private Key--private key

A private key is a string of data that is a token that allows you to access a specific wallet in your wallet. They are hidden as passwords, except for the owner of the address.

18、Public Key - public key

is present in pairs with the private key, and the public key can count the address of the coin, and therefore can be used as a credential to own the address of this coin.

19、Wallet - Wallet

A file containing the private key. It usually contains a software client that allows access to view and create transactions for the particular blockchain the wallet is designed for.

20. Cold purse

In layman's terms a cold wallet is a wallet that stores digital currency offline, where the player generates the digital currency address and private key on top of an offline wallet, which is then saved. Whereas, cold wallets are used for storing digital currencies without any network, so hackers cannot access the wallet to get the private key.

21. Light wallet

Not keeping data for all blocks, but only those related to yourself, basically allows for decentralization.

22. Full node

Full nodes are nodes that have a complete blockchain ledger. Full nodes need to occupy memory to synchronize all blockchain data, can independently verify all transactions on the blockchain and update data in real time, and are mainly responsible for the broadcast and verification of blockchain transactions.

23. Byzantine failures - the Byzantine general problem

The Byzantine General problem is a fundamental problem in peer-to-peer communication posed by Leslie Lambert. The implication is that it is impossible to attempt to achieve consistency by means of message passing on unreliable channels where message loss exists. Thus studies of consistency generally assume that the channel is reliable or that there is no present problem.

24. Superbook

Hyper ledger is an open source project launched by the Linux Foundation in 2015 to advance blockchain digital technology and transaction validation. Assist organizations in scaling, building industry-specific applications, platforms and hardware systems to support members' respective transactional operations by creating common distributed ledger technology.

25. Lightning Network

The purpose of the Lightning Network is to enable secure off-chain transactions, which is essentially a mechanism that uses hash-time-locked smart contracts to securely perform 0-confirmation transactions by setting up clever "smart contracts" that make unconfirmed transactions on the Lightning Network as secure as gold.

26. P2P - peer-to-peer networks

That is, a peer-to-peer computer network, a distributed application architecture that distributes tasks and workloads among peers (Peers), is a form of networking or network formed by the peer-to-peer computing model at the application layer.

27. Mining - mining

Mining is the nickname for the exploration method of acquiring bitcoins. The process of using computer hardware to calculate the location of coins and acquire them is called mining.

28. Miners

A computing device or software that attempts to create blocks and add them to the blockchain. In a blockchain network, when a new valid block is created, the system typically automatically gives the block creator (miner) a certain number of tokens as a reward.

29. Mining pools

is a fully automated mining platform that enables miners to contribute their respective computing power to mine together to create blocks, receive block rewards, and distribute profits based on the percentage of computing power contributed (i.e. miners access the pool - provide computing power - receive revenue).

30. Public chains

A fully open blockchain is one that anyone can read, anyone can send transactions and have them validly confirmed, anyone in the world can participate in maintaining the system, and anyone can read and write data through transactions or mining.

31. Private chains

Write access to a blockchain that is only for a particular organization or a specific few objects. Read access can be made available to the public, or restricted to any degree.

32. Alliance chains

The consensus mechanism is a blockchain controlled jointly by a designated number of institutions.

33. Main link

The term masterchain derives from mainnet (as opposed to testnet testnet), the officially live, independent blockchain network.

34. Side chains

Wedged sidechain technology (pegged sidechains), which will enable the transfer of bitcoin and other digital assets between multiple blockchains, meaning users will be able to access new cryptocurrency systems while still using the assets they already have.

35. Cross-chain technology

Cross-chain technology can be understood as a bridge to connect various blockchains, and its main applications are to enable atomic transactions between blockchains, asset conversion, interoperability of information within blockchains, or to solve Oracle's problems, etc.

36. Hard bifurcation

A permanent disagreement in the blockchain occurs, and a hard fork usually occurs when a new consensus rule is released and some of the nodes that have not upgraded cannot verify the blocks produced by the nodes that have upgraded.

37. Soft bifurcation

When the new consensus rule is released, nodes that have not upgraded will produce illegitimate blocks because they are unaware of the new consensus rule under which a temporary fork will be created.

38. Hash - hash value

It is simply a function that compresses a message of arbitrary length into a message digest of some fixed length.

39. Hash rate

Assuming that mining is solving an equation problem, and that it can only be calculated by substituting each integer, the hash rate is the rate at which data is processed per second.

40. Hash tree - Hash tree

A hash tree is a tree data structure in which each leaf node is labeled with the hash of the data block, while non-leaf nodes are labeled with the cryptographic hash of their child node labels.


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